Christmas Savings

Christmas Savings Account

Perfect for spreading the cost of Christmas

£500 for Christmas when you save just £10 a week

With our Christmas Savings Account you are in control. At the end of November your money will automatically be sent to you, or you could have your savings transferred onto your Engage Classic Account, allowing you to shop online as well as in stores. Unlike some other Christmas savings schemes, you can spend the money wherever you like. Saving regularly throughout the year relieves the financial pressure at Christmas. Contact the office to arrange for a Christmas Savings Account to be opened.

  • Save as much or as little as you like, when you like.
  • Pay in at any of our branches, by Standing Order or Payroll Deduction.
  • I am over 18 years of age (Young Saver members also welcome).
  • I live or work in Dorset or Somerset and adjoining parishes (Our Common Bond).

Wyvern Savings and Loans promotes responsible financial managements through its products.

What do I need to join?

To become a member of Wyvern Savings and Loans you must live or work in our common bond, of Dorset and Somerset and the Surrounding Parishes, or a tenant of Magna Housing Association or Spectrum Housing Association or Bournemouth Churches Housing Association.

You can join online or you can complete a membership application form at one of our branches, where you must provide 2 forms of identity, one must show your current address. You must make a minimum deposit of £1.00 and pay a membership fee of £4.00.

How do I join?

A membership form can be completed on our website, collected from any of our branches, or posted out to you.

Online identity checks will be performed, or you will be required to provide appropriate identity and your membership fee at a branch. We will not accept membership applications and identity posted to us.

What Identity do I need to provide?

If you apply online we will check your identity. If we cannot verify your identity or address you may be asked to provide original evidence. A full list of Identity is provide on the application form. You must provide an item proving your identity, and an item proving your address or workplace. If you cannot provide items from these lists we will not be able to accept your application.

How much does it cost to join?

You must make a minimum deposit of £1.00 and pay a membership fee of £4.00 to open your account. A minimum of £1.00 must be held in your savings account to keep your account open.

What is the Common Bond?

A requirement of Credit Unions is that members have a “common bond” with each other. This reflects the fact that Credit Unions are organisations run for the benefit of its members with a social connection. Wyvern Savings and Loans’ Common Bond is “an individual who resides in or is employed in the locality of the Counties of Dorset and Somerset and adjoining parishes” or “An individual who is employed or a tenant of Magna Housing Association or Spectrum Housing Association or Bournemouth Churches Housing Association”.

I do not live in the common bond, is there another Credit Union I can join?

Visit to find Credit Unions where you live.

How much can I save?

Members must have a minimum balance of £1.00 in their Savings account at all times. Members can deposit a maximum of £15,000.00 in their account. If your balance goes above £15,000.00 you will be notified and arrangements to reduce the balance will be made. If your balance falls below £1.00 your membership may be revoked.

Is my money safe?

Yes, your savings are safe. We only invest your savings in other members within our common bond, in the form of loans. We take all precautions to lend responsibly. All your savings are protected by the Financial Services Compensation Scheme. This scheme guarantees individual savings up to £85,000.00, higher than our maximum of £15,000.00 details of this scheme can be found on the FSCS website.

Wyvern Savings and Loans is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

How can I pay in to my Savings?

You can pay in cash or cheque at any of our branches. You can set up a standing order to come from your bank regularly, or you can set up payroll deduction with your employer to come to us from your wages. If you set up a standing order or payroll deduction, we will allocate the payment to whichever accounts you want when it reaches us. We can even split the payment to go to another member or a junior account.

What happens if I don’t use my account?

If your account is left inactive for more than 6 months we may make the account dormant, the funds will be moved to a holding account, and will be returned when you reactivate the account. If your account is made dormant you will no longer be classified as a member. You may be charged if your account is made dormant. To reactivate your account you just need to make a deposit and let the office know.

Please see details of our Associate Account if you are looking to make a one off deposit.

My account has been closed, how do I re-open it?

If your account has been inactive, it may have been made dormant. To reactivate, make a deposit and let the office know, your account will then be made active.

If you have closed your account in the past, you will need to pay a new membership fee, but you will keep your previous membership number. You may be asked to provide up to date identification.

How can I withdraw from my savings?

You can withdraw cash from our branches, we have a limited float so you can withdraw no more than £100. You may be able to arrange a higher amount and should contact your branch a few days before to arrange.

You can withdraw a cheque, by request at our branches, or by contacting the office. Please allow a couple of days as the cheque needs to be signed by 2 officers.

You can withdraw by BACS (electronic transfer directly to a bank account) this can be processed within 1 working day. A charge of £1 will be taken for this service.

You can transfer money to your Engage Classic Account. This can be processed within one working day. See the Engage Classic Account page for details of charges.

You will be asked to verify your Identity when applying or making withdrawals. Withdrawals will be refused if your loan is in arrears

How often can I withdraw from my account?

Our branch floats are limited, so we ask that you withdraw no more than £100 per session.

You can request a transfer onto your Engage Classic Account or a withdrawal by BACS, as often as you like. Both transaction types are processed every working day. Requests before 2pm will be processed on the same day. Later requests will be processed the following working day. Transfers can take some time to clear into your account, but will be there the same day they are processed. See the Engage Classic Account page for details of charges.

How do I get my Christmas savings?

Your Christmas savings will be paid out automatically during the last week of November. This will be sent to your preferred bank account or a cheque will be posted to you. By arrangement, cash may be available from a branch.

You can withdraw from these savings throughout the year if you need to, however you may be asked to not use the dedicated account if you regularly withdraw from it.

Will I receive a statement of my account?

Active members will receive a statement annually, this is normally sent out with our AGM notification letter. You can request an additional statement of your account at any time.

What interest will I receive on my savings?

Our income is generated by interest from loans. If a profit is made, any surplus will be divided between the members as an annual dividend. A dividend will not exceed 8%.

Junior savers receive an interest rate which is voted upon by the members at the AGM.

What are Attached Shares?

Attached Shares are savings which are held as security against your loan. Members with Saver loans, must have at least one third of the loan balance in their Attached Shares. Members with standard loans, may be asked for Attached Shares at the loan team’s discretion.

Can I withdraw from Attached Shares?

You can only withdraw from attached shares any surplus balance to the loan. Withdrawals from attached shares must be agreed by the loans team. Once your loan has been repaid in full your attached shares will normally be transferred back into your savings account.

Can I withdraw from my savings if I have missed a loan payment?

No. Your savings will be held against your loan if you fall into arrears, as outlined in your member terms and conditions. If you have missed a payment or are finding it difficult to make the payments please contact the office, our loans team will be happy to discuss changing your repayments to suit you better.

How long do I need to save before I can apply for a loan?

You can apply for a loan as soon as you have joined. You will be asked to save regularly, even when repaying a loan. The ability to save will reflect upon any future loan application. Regular savers may be offered a lower interest rate if they meet qualifying conditions.

Will my savings impact on a loan decision?

Yes. Regular savings would show an affordability to make repayments to a loan. The amount you have saved may also be used to enable us to offer a lower rate of interest on a loan. There are still other conditions which we take into account when making loan decisions. Further details of our loans can be found on the Loans page.

Payroll deduction allows you to have an amount deducted directly from your wages to your account with Wyvern Savings and Loans. You can chose how much is deducted, and it can then go into a savings account, or as repayments for a loan.

It is a simple way to build up your savings or make loan repayments.

Employers will have reassurance that their staff are taking responsibility for their money, and have access to affordable loans.

Get in touch to find out about our lower interest rates for payroll loans or visit our Payroll page to find out more about the benefits.

Terms and Conditions of Membership

1) Share (Savings) Balance

a) Minimum shareholdings:

i) Opening a membership requires a minimum deposit of £1, in addition to a joining fee, which will be no more than £5.
ii) Members are required to hold a minimum of £1 in their Share 1 account at all times
iii) Members whose share balance falls below the minimum required shareholding will be informed of the violation and required to restore a minimum shareholding within three months.
iv) At the discretion of the Board of Directors, member accounts in violation of minimum shareholding requirements may be closed and any remaining balance transferred to the property of Wyvern Savings and Loans.

b) Maximum shareholdings:

i) No account may have total shares of more than £15,000.
ii) No individual may have title to more than £15,000 in total shares.
iii) Any transaction that causes an account to exceed maximum shareholding limits shall be registered and any resulting balance above the maximum shareholding shall be refunded to the account holder.

2) Active Use of FDCU Services and Dormant Accounts

a) Members shall be active users of the services provided by Wyvern Savings and Loans.
b) At the discretion of the Board of Directors, accounts that have registered no member initiated transactions in any 12 month period may be declared dormant following notification procedures outlined in the Wyvern Credit Union Limited Rules.

i) Any balance held in a dormant account shall be transferred to the Members’ Long term Suspense account.
ii) At the discretion of the Board of Directors, dormant accounts shall be charged a maintenance fee of £5, processed in September of each year.
iii) Applications for reinstatement of dormant accounts may be requested at any time.

(1) Applications for reinstatement will require proof of identification and entitlement to monies held in suspense.
(2) Full reinstatement of membership will be at the discretion of the Board of Directors. If reinstatement of membership is denied, any funds to which the applicant has entitlement shall be refunded, and the dormant account closed.

c) Members wishing to use Wyvern Savings and Loans’ services solely for long term investment or ethical savings may apply to hold an Associate account, which shall be exempted from normal dormant account procedures.

3) Share 1 Account and Share 2 Account Withdrawals

a) A request to withdraw by BACS or Cheque from a Share 1 or Share 2 account can be made by completing a withdrawal form. Fees may be applied.
b) Applications for Share 1 Account or Share 2 Account withdrawals shall normally be processed within ten working days. Notwithstanding, Wyvern Savings and Loans reserves the right to require 60 days notification of any withdrawal.
c) Subject to available balance and current cash holdings, up to £100 may be withdrawn from Share 1 Account or Share 2 Account without notice, subject to the conditions noted in 8.b
d) Identification verification shall be required for all Share 1 Account or Share 2 Account withdrawals.

4) Share 3 Account (Christmas Savings) Withdrawals

a) In November of each year Wyvern Savings and Loans shall automatically process withdrawals for the entire balance of Share 3 Accounts.
b) Identification verification shall be required for all Share 3 Account withdrawals.

5) Share 4 Account (Associate Savings) Withdrawals

a) Withdrawals from Share 4 Accounts require 60 days written notification.
b) At the sole discretion of the Board of Directors of Wyvern Savings and Loans, the notification period on Share 4 Accounts may be waived entirely.
c) Identification verification shall be required for all Share 4 Account withdrawals.

6) Prepaid Card Account Transfers

a) A request to transfer funds from any of the 4 main share accounts must be made to the office.
b) Applications for the transfer of funds shall normally be processed with one working day.

7) Attached Shares

a) An amount may be held in Attached shares as security against a loan granted.
b) The borrower may not withdraw monies from their attached shares unless the credit balance exceeds the amount outstanding under the loan, and then only the amount of that excess.
c) An application to withdraw from this account is required.

8) Liens on Shares

a) In the event of default on a loan, any shares held by the defaulting member or guarantor may be applied to reduce the loan balance.
b) While a member has an outstanding loan in default from Wyvern Savings and Loans, or is acting as Guarantor for another member with a defaulting loan, no withdrawals may be made from any Share account unless the balance exceeds the total loan liability, or unless otherwise approved by the Credit Committee.

9) Loan Eligibility

a) Members may qualify for a loan upon

i) meeting criteria for an emergency loan, or
ii) providing adequate security for funds borrowed, or
iii) providing evidence of having established a payroll deduction to Wyvern Savings and Loans, or
iv) demonstrating capacity to repay by establishing a history of saving

b) Irrespective of initial criteria above, membership in Wyvern Savings and Loans does not in any way signify entitlement to loan facilities.

10) Access to Members

a) Members of Wyvern Savings and Loans have the right to initiate contact with other members of the organisation. For data protection purposes, any such member initiated contact must first be via a member-funded mailshot coordinated by the Wyvern Savings and Loans office.

11) Entitlement to Information

a) Members of Wyvern Savings and Loans may request and have provided to them

i) a current statement of their account activity
ii) a copy of the most recent audited accounts
iii) a copy of the Registered Rules of the Company

b) A printing fee may be charged for copies of Company documents.